Turkish Cypriot Riviera: Exploring the Real Estate Renaissance

 

Real Estate Boom on the Turkish Cypriot Coast

Skyrocketing Sales in Iscala

Ahmed Dman, a real estate agent on the Turkish Cypriot coast, reports surging sales of apartments in the town of Iscala. The high demand, particularly among Russian and Iranian buyers, has prompted him to market small furnished apartments starting at €60,000. To entice further investment, Dman and his Russian colleague Irena Cadin offer combo packages, leading to many clients purchasing multiple apartments before construction is complete.

Allure for Foreigners

The lure of Turkish Occupied Northern Cyprus lies in its affordability, ease of property acquisition, and lack of EU law enforcement. This attracts Russian clients seeking protection from sanctions and money laundering opportunities. As a result, Russian-speaking newcomers have emerged in Iscala, discussing real estate deals in social media groups.

Rise in Money Laundering Concerns

Despite increased scrutiny, it remains possible to purchase properties through intermediaries. Beneficiaries of the influx of funds are primarily construction companies, crypto exchange markets, and professionals in the legal and accounting sectors.

Local Resistance and Rising Prices

While real estate sales boost the local economy, the rapid construction boom has caused property prices to skyrocket. Locals express concern about affordability, questioning the benefit of these developments for the community.

Shady Deals in a Shady World

Ahmed Dman's agency targets Turkish Cypriots, but the lure of money prevails. Foreign buyers, regardless of their financial origins, are welcomed, leading to allegations of questionable practices. Despite decades of isolation, Turkish Cypriots see an opportunity to benefit from the global real estate market, often embracing questionable deals.